Founder of bankrupt crypto exchange FTX released on $250M bail

FTX founder Sam Bankman-Fried was released on December 22 on $250 million bond after appearing in a New York court, Report informs referring to Axios.

The controversial crypto wunderkind was extradited to the US Wednesday following his arrest in the Bahamas last week. He has been accused in a US criminal complaint of defrauding FTX customers.

Bankman-Fried is required to live at his parents' Palo Alto, Calif. home, which would be put up as bond collateral. Both of his parents are professors at nearby Stanford University.

He has also surrendered his passport, is subject to electronic monitoring, and can receive mental health treatment.

Bankman-Fried faces eight counts of fraud, conspiracy, campaign finance law violations and money laundering. The charges carry a maximum sentence of 115 years in prison.

Two of his former associates, FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, have pleaded guilty to federal charges and are cooperating with prosecutors.